Barclays goes to the mattresses

CONTRARIAN INVESTOR

So, farewell Barclays! Or at least farewell to their financial advisers on the high street.

According to Bob Diamond – Barclays’ CEO – their time is up and the bank has decided it is a losing battle. Cue crocodile tears from their rivals, and headlines about the crisis in RDR. Back in the real world, we all know this is a red herring and a complete non-story. I would make three simple observations and one prediction. The most important observation is financial advice on the high street is almost irrelevant compared to the really important game for Barclays, which is wealth management in all its shapes and guises. Frankly, selling a bunch of bonds and other products is small cha...